FINAL PAPER CAS 610‚ Using the Work of Internal Auditors Paper for ACCT 343 Auditing Wendy Popowich Carrie Prosser Bachelor of Applied Business Administration – Accounting NAIT School of Business Submitted: October 20‚ 2010 Due: October 20‚ 2010 TABLE OF CONTENTS Executive summary 3 Introduction 4 Limitations in changes to the ISA 610 before implementation….. 5 Format and wording changes within the exposure draft 5 Using direct assistance from internal auditors 6 Using examples in the proposed
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Introduction The importance off skepticism in performing audits has been recognized from the time the very first auditing standard was implemented (Fullerton and Durtschi‚ 2012). The recent financial crises and audit failures have caused the profession to reassess and emphasise the importance of skepticism during an audit engagement‚ ensuring that auditors increase their level of skepticism (Fullerton and Durtschi‚ 2012). Auditors are now asked to expand their skeptical perspective to the level
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member of its external audit team a company could gain insight into the auditor’s process and better devise methods of hiding fraud. b) Hiring a former auditor would greatly compromise and possibly impair the existing external auditor’s ability to remain independent. On top of having knowledge about the auditor’s practice‚ preexisting relationships could cause bias in the audit outcome. c) Sarbanes-Oxley Act 2002 limits the ability of corporations to hire employees of their external audit firms. Sox
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Accounting and Auditing Differences 1. The main difference between auditing and accounting is that accounting is related to the collection‚ recording‚ analysis and interpretation of financial transactions while auditing refers to the examination of books of accounts along with the evidential documents. However‚ both processes are concerned with the accounting records of a business. While‚ audit report are reliable by the users for few reasons such as : a) To verify some information needed about
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(Online) Vol 3‚ No 9‚ 2012 searchwww.iiste.org The Role‚ Compromise and Problems of the External Auditor in Corporate Governance* James O. Alabede Department of Accounting‚ Federal Polytechnic Bauchi‚ Nigeria‚ E mail: joalabede@yahoo.com Abstract This study reflects on the role‚ compromise and problems of the external auditor in the corporate governance with particular reference to the UK. The external auditor is an independent person or firm of auditors appointed by the shareholders to investigate
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QUALITY ASSURANCE - is a part of quality management focused in providing confidence that quality requirements will be fulfilled. There are internal and external audits: Internal Audit – may be performed by dedicated auditors from finance or quality departments or by personal engage by the manager responsible for the results of the process. External Audit – may be performed by costumers or regulators or by independent third parties. MEASUREMENT It tells us whether there has been a change in performance
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programs‚ such as for store personnel. Cultural control: PacSun must receive “clean” opinion and financial statement from the external auditors each fiscal year for the company to keep on running. 2. Discuss the benefits and costs for PacSun of complying with SOX. Is it worth it? Benefits: The Company received “clean” opinion and financial statements from the external auditors‚ which is good for the image of the company when this information disclosed to public. Also in
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competitor company‚ he was told that life as the head of a corporate is becoming unbearable due to competition and increased in the cost of living. Still‚ Mr. Wan kept quiet while congratulating his three wise men for a fantastic job each year. Even the external Auditors could not believe the significant progress‚ which
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Introduction The topic of the report is an exploration of a career option and a Tax Auditor at Canada Revenue Agency. The purposes of this report are to not only prepare myself for the position by examining and learning but also introduce a different field of work to colleagues All residents in Canada must pay a tax and Canada Revenue Agency (CRA)‚ formally known as Revenue Canada‚ is a federal agency that has as its main function the administration of Canadian tax laws for most of the provinces
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AUE1601/202/2/2012 Tutorial Letter 202/2/2012 Legal aspects in Accountancy AUE1601 Semester 2 Department of Auditing This tutorial letter contains the key and comments on assignment 02 Bar code MOI = Memorandum of Incorporation‚ Companies Act = Companies Act 71 of 2008‚ as amended 1. KEY AND COMMENTS ON ASSIGNMENT 02/2012 61 marks QUESTION 1 Specific comments Question 1.1 Students should take note of the requirement‚ namely “Evaluate and conclude on the legality of the granting
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